Short Interest in Tenaris S.A. (NYSE:TS) Decreases By 12.5%

Tenaris S.A. (NYSE:TS) was the recipient of a significant decline in short interest in January. As of January 15th, there was short interest totalling 3,920,000 shares, a decline of 12.5% from the December 31st total of 4,480,000 shares. Currently, 0.7% of the shares of the stock are short sold. Based on an average trading volume of 1,470,000 shares, the days-to-cover ratio is currently 2.7 days.

Hedge Funds Weigh In On Tenaris

Large investors have recently modified their holdings of the company. Versant Capital Management Inc purchased a new stake in Tenaris in the 4th quarter valued at $28,000. GAMMA Investing LLC raised its position in Tenaris by 140.2% in the 4th quarter. GAMMA Investing LLC now owns 939 shares of the industrial products company’s stock valued at $35,000 after buying an additional 548 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Tenaris in the 3rd quarter valued at $33,000. Covestor Ltd purchased a new stake in Tenaris in the 3rd quarter valued at $40,000. Finally, Allspring Global Investments Holdings LLC raised its position in Tenaris by 36.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,420 shares of the industrial products company’s stock valued at $45,000 after buying an additional 377 shares during the last quarter. 10.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Piper Sandler assumed coverage on Tenaris in a research note on Thursday, December 19th. They issued an “overweight” rating and a $48.00 price objective for the company. Kepler Capital Markets downgraded Tenaris from a “buy” rating to a “hold” rating in a research note on Friday, January 17th. Bank of America downgraded Tenaris from a “neutral” rating to an “underperform” rating in a research note on Wednesday, January 29th. Jefferies Financial Group upgraded Tenaris from a “hold” rating to a “buy” rating and upped their target price for the company from $35.00 to $47.00 in a report on Monday, December 9th. Finally, Stifel Nicolaus cut their price target on Tenaris from $37.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $42.75.

Tenaris Stock Performance

Tenaris stock opened at $37.64 on Monday. The stock has a market capitalization of $21.88 billion, a price-to-earnings ratio of 8.20 and a beta of 1.44. Tenaris has a 52-week low of $27.24 and a 52-week high of $40.72. The stock’s 50 day moving average price is $38.23 and its two-hundred day moving average price is $33.69.

Tenaris Cuts Dividend

The company also recently announced a Semi-Annual dividend, which was paid on Wednesday, November 20th. Investors of record on Tuesday, November 19th were issued a $0.54 dividend. This represents a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, November 19th. Tenaris’s dividend payout ratio is currently 23.53%.

Tenaris Company Profile

Tenaris SA, together with its subsidiaries, produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, line pipes, cold-drawn pipes, and premium joints and couplings; and coiled tubing products for oil and gas drilling and workovers, and subsea pipelines.